Preparing for Next Year’s Taxes
The 2008 tax season has come to a close and many are sighing with relief, but in fact, this shouldn’t be the end of your tax preparation. This is the perfect time to get a jump-start on next year’s taxes. That’s right; there is no time like the present to start planning and organizing your taxes for next year.
The majority of people will wait until the last minute to gather all of their tax information together, scrambling to find bits of paper here and there. This state of confusion can be avoided if you start right after you file your taxes for the year. Then next year’s taxes will be a breeze.
Keeping your records meticulous is the key to making your tax preparation go as smoothly as possible.
Here are a few tips to get you started:
- Filing – Buy a dedicated filing system in which to keep all of your important tax papers and receipts in. Those old shoeboxes will not do.
- Label – Make sure that all of the boxes or files are labeled correctly for easy access.
- Keep Track – Keep track of expenses such as sales tax, medical and charity donations. All of these add up over time and can mean huge savings for you. You need to have proof of these expenses so make sure you keep all relevant documents.
- Job Expenses – Any expense related to your search for a job or for an existing job can be filed as a deduction. This includes moving expenses if your job should relocate. (there are restrictions, speak with your CPA)
It’s a good thing to either look up all allowable deductions that can be made to educate yourself in whether or not you can claim them next year.
One of the best ways to keep ahead of the game is to use a dedicated accounting software package such as QuickBooks to help you manage your financial documents. QuickBooks is an easy to manage software package that will walk you through setting up all income and expenses as well as tax information for vendors or for yourself.
If you don’t feel confident enough to keep track of your financial records yourself, or if you are just too busy to handle them, you could always go with a bookkeeping service. Bookkeeping services, such as mine, will handle every aspect of your finances and help you determine the best way to handle your financial situation as it pertains to you.
By hiring a bookkeeping service you can rest assured that by the next tax season you are in good hands with someone who is educated in how to get you the maximum deductions and a better overall financial return. They will be able to find deductions that you may have missed and will help you with the documents you need to achieve this.
Bookkeeping services are the way to go for the best result possible come next tax season. Put yourself in the capable hands of a trained professional and watch your stress levels diminish. Knowing you are being taken care is the best feeling yet and once you see your tax refund, you will feel even better!
Now is the time to stock up on checks!
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